In order to evade taxes, they will start these naval projects, which will turn into money pits. Are the rich stupid?

5:33 pm October 4, 2011

Anonymous wrote :

How much for a nuclear submarine eating supertanker?

5:41 pm October 4, 2011

Carl wrote :

What an ugly, hard, sterile environment. Island NOT. If I wanted an island I would have one with green space, gardens, something birds would land on and bring some true nature to the "Island". This is just ugly.

6:46 pm October 4, 2011

Investor Junkie wrote :

@Charles W beat me to it! That's the first thing I thought of! Where is the evil Stromberg?

6:52 pm October 4, 2011

Rick D. wrote :

U.S. citizens owe federal income taxes wherever in the world they may be. So living on a floating island (or a foreign country) would not mean a rich American would be free of U.S. taxation. Other countries' laws are different, so maybe it might work for a non-U.S. citizen to avoid the taxes of their home country. But if their home country doesn't tax their worldwide income like the U.S., they could avoid income taxes just by moving to a country without income taxes like Dubai--a lot cheaper than building a private island.

10:20 pm October 4, 2011

TiredOfFlippingTheBill wrote :

Rick -- you must be a newbie to the site. There are multiple past topics on this blog on how to give up your citizenship, pay your taxes, and leave without paying anymore US taxes. You can even come back to the US to visit if you limit your time in the US. There are countries all over the world that will give you citizenship if you enter their country with money (just like the US). The amount you need varies by country.

10:17 am October 5, 2011

TiredOfFlippingTheBill wrote :

Where is Barbara on the floating island? Why isn't there a Carly soundtrack?

11:07 am October 5, 2011

Maggie wrote :

Here is another idea for the rich: Just quit working. If you go on Medicaid, all of your medical expenses are covered and you get no bill delivered to your house. No deductible, no non-covered expenses. Then get your disability check for fibromyalgia or the like. Then collect your food stamps benefit and cash assistance program for housing and you are set. No more giving half of every dollar you make, no more people hating you for working, you will be free. Then you will also be free to have time to go join the protests against the rich.

10:05 am October 6, 2011

TiredOfFlippingTheBill wrote :

Maggie -- what a good idea. I will pull a John Kerry and put everything into tax free investments, so that as far as the government is concerned I have no income. Then I will get food stamps, etc. I need to think up some illness where I can get on Medicaid, but I want a little controversy in my life, so I will think up one where I can legally get medical marijuana. I want everything to be given to me for free.

NOT.

4:25 pm October 6, 2011

Rick D. wrote :

Tired--
You must have been too tired to read my whole post. But as I noted, if you're not a U.S. citizen (which obviously includes those who've given up their U.S. citizenship) buying a private island still doesn't help, since you can avoid taxes just as well living on terra firma.

11:28 am October 7, 2011

TiredOfFlippingTheBill wrote :

Rick -- I misread your original post.

5:21 pm October 7, 2011

elliotwave wrote :

Add the Bitcoin to this scenario and you have more freedom than even the founders of the Constitution envisioned. God bless technology.

11:56 pm October 22, 2011

kat wrote :

Ew! No. I'd take land over this anyday.

9:50 pm November 16, 2011

EliiotAnderson wrote :

Man sign me up for this. Yeah tone down the overuse of the SciFi color palette and you have a winner. Would be awesome minus the rogue waves. http://www.pennystockstrategy.com

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About The Wealth Report

The Wealth Report is a daily blog focused on the culture and economy of the wealthy. It is written by Robert Frank, a senior writer for the Wall Street Journal and author of the newly released book “THE HIGH-BETA RICH.”

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